Spanish public debt jumps above 100 percent of GDP in June

18 Aug, 2016

Spanish gross debt rose to a record high 1.1 trillion euros ($1.24 trillion) in June, Bank of Spain data showed on Wednesday, which the economy ministry said that was equivalent to 100.9 percent of national output, well above 2016 goals. Spain is aiming for a debt to gross domestic product (GDP) ratio of 99.1 percent by the end of the year, after it ended 2015 at 99 percent. The economy ministry said it a statement it was still on track to meet year-end targets, at a time when the European Commission is stepping up pressure on EU countries to do more to reduce high public and private debt levels.

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